White House Pushes EU Toward Long-Term US LNG Deals, Citing Low Henry Hub Prices
A senior White House official told Montel that long-term US LNG contracts would lower EU gas costs, even as European buyers resist committing.
A senior White House energy official told Montel on Monday (2026-09-07) that Europe could lower its gas costs by signing long-term US LNG supply contracts rather than buying on the spot market, arguing the US has ample export capacity and will keep supplying. NYMEX Henry Hub front-month gas was trading at $2.96/MMBtu on Monday (2026-09-07), while ICE Endex TTF front-month held at €71.95/MWh earlier that morning — a price gap that underpins the White House's case.7
The official's argument is that European buyers indexed to Henry Hub would capture lower US domestic prices rather than paying elevated European hub rates on each spot cargo. On paper the spread justifies the pitch. But European buyers have spent much of 2026 moving away from exactly that kind of commitment.7
Bloomberg reported on June 12 (2026-06-12) that US LNG exporters were finding few takers in Europe for new supply, with the region shying away from the long-term contracts needed to finance the next generation of US export terminals. Oilprice.com reported on June 12 (2026-06-12) that European buyers were not committing to long-term agreements despite the EU's ongoing phase-out of Russian gas imports.4,5
Europe's pull-back went further than hesitation. Oilprice.com reported on July 4 (2026-07-04) that Europe had shunned American LNG in June 2026, complicating a commitment EU Commission President von der Leyen made to purchase $750 billion in US energy over three years, roughly $250 billion annually, under the US-EU Trade Agreement concluded in July 2025.6
The historical contracting data shows how much momentum has faded since the 2022 surge. Atlantic Council figures published on June 8 (2026-06-08) showed that as of mid-May 2026, US LNG project sponsors had executed 129 binding sale-and-purchase agreements totalling 224.29 million tonnes per annum with 72 companies from 26 nations. European buyers account for 90.84 mtpa, or 40.5% of total contracted volume, spanning twelve countries from Iberia to the Black Sea. The 2022 signing surge alone covered 57.58 mtpa across 33 contracts, triggered by the Russia supply shock. No comparable wave has followed.1
Supply competition is part of why new deals are now harder to close. The boss of Greece's Atlantic SEE LNG Trade, a joint venture between Aktor Group and state gas supplier Depa Commercial SA, told Montel on June 11 (2026-06-11) that securing long-term US contracts had become more difficult after the Iran war upended the global market, intensifying competition from Asian buyers for available US supply. Atlantic SEE signed a 20-year deal in November with Venture Global Inc. to import 4 billion cubic metres a year from 2030, earmarking 1 bcm for Albania and 0.5 bcm for Bosnia-Herzegovina.2
Europe's reluctance to commit also has a political dimension. Oilprice.com reported on June 12 (2026-06-12) that EU buyers are wary of trading dependence on Russian gas for dependence on US supply. Former US Energy Secretary Dan Brouillette addressed the export-control concern on June 11 (2026-06-11), telling Montel the US would be a "reliable supplier" and that restricting LNG exports would also damage the domestic US industry.5,3
The Institute for Energy Economics and Financial Analysis has forecast that the EU could source as much as 80% of its LNG imports from the US by 2028, oilprice.com reported. Reaching that share would require either a significant acceleration in new contracting or a substantial fall in total European LNG demand. Neither is guaranteed.5
Atlantic SEE is looking to close negotiations with Romania by end of summer, which would bring its total supply agreements to 3.7 bcm a year, according to Exarchou, who is also chairman and CEO of Aktor. Deals with Bulgaria and Ukraine could raise that figure to as much as 8 bcm, at which point the company said it would seek further US LNG contracts. Competition from Asian buyers is making those contracts harder to secure, Atlantic SEE said, a complication the White House's cost pitch does not address.2